PROPERTY owners of Pine Grove will launch on Tuesday the long-awaited collective sale for the 660-unit condominium located in the Holland Road cluster at a reserve price of S$1.86 billion.
The collective sale's reserve price translates to a land rate of S$1,307 per sq ft per plot ratio (psf ppr), after factoring in differential and lease upgrade premiums payable on a maximum permissible gross floor area of about 1,875,760 sq ft, said real estate agency C&H Group in a press release on Monday.
Pine Grove had earlier raised its reserve price from S$1.72 billion to S$1.86 billion, so as to get a majority nod to launch a public tender.
The 893,219 square foot 99-year leasehold site has a gross plot ratio of 2.1 and can be redeveloped into a residential landmark of up to 24 storeys, with 2,050 maximum allowable dwelling units with the average size of 85 sq m. This cited build-up requires planning approval.
The tender will close at 3 pm on April 23.